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This story originally appeared on be[IN]crypto
The billionaire-backed crypto exchange, Bullish, faces scrutiny after new reports reveal an alleged ‘price pump’ scheme.
In 2019 Block.one received an SEC fine as a consequence for not registering an ICO for EOS. Initial sales for EOS over the first 11 months raised over $4 billion, which made it one of the largest to date. A sale this large naturally raised many eyebrows in the crypto community.
Block.one is a software developing firm. A slew of billionaires and big names in the industry are the funders of the company. This includes the likes of Peter Thiel, hedge fund moguls Alan Howard and Louis Bacon, and entrepreneur Christian Angermayer. Its mission as a company was initially for the development of innovative tools for blockchain adoption.
Bullish exchange under scrutiny
However, it soon fell into steamy controversy. Following the SEC fine, users sued Block.one. They called the sales a “fraudulent scheme” that didn’t follow through on its mission.
Now, recently published reports…
